Income Tax : ITAT held that where sales are not disputed, entire purchases cannot be disallowed. Only 15% profit element was taxed, reinforcing...
Income Tax : The Tribunal quashed reassessment proceedings as they were based on a mere change of opinion without any fresh tangible material. ...
Income Tax : The issue involved levy of late fees on TDS returns processed before statutory amendment. The Tribunal held that absence of enabli...
Income Tax : The Tribunal held that valuation without giving the assessee an opportunity to object violates natural justice. It remanded the ma...
Income Tax : The Tribunal condoned delay due to reasonable cause and addressed valuation mismatch. It remanded the issue for DVO-based reassess...
The Tribunal upheld additions in search assessments where seized material and settled precedent supported the Revenue’s case. The ruling clarifies that group-level incriminating evidence can justify section 153A additions.
The issue was whether six years of search assessments could stand when the first appeal was dismissed ex-parte. ITAT held that denial of meaningful hearing violates natural justice and remanded the matters for fresh adjudication.
The tribunal held that late filing of Form 10B is a procedural lapse and cannot defeat exemption under Section 11. If the audit report is available before assessment or rectification, exemption must be allowed.
The dispute involved additions of partners capital treated as unexplained cash credits. The Tribunal did not rule on merits but remanded the matter due to procedural violation by the appellate authority. It highlights that appellate orders must be reasoned and speaking.
The ITAT restored an ex-parte assessment where LTCG was added mechanically without hearing the taxpayer. The ruling reinforces that denial of natural justice vitiates capital gains assessments.
ITAT Pune held that deduction under section 80P of the Income Tax Act admissible on interest income received by co-operative society from deposits with co-operative banks and nationalized banks. Accordingly, appeal of the assessee is allowed.
Sanjay Champalal Jaiswal Vs ITO (ITAT Pune) Reopening Beyond Three Years Invalid Where Escapement Is Below ₹50 Lakh — ITAT Pune Quashes Reassessment The Pune SMC Bench of the ITAT quashed the reassessment for AY 2016-17, holding that the notice under section 148 dated 27-07-2022 was without jurisdiction, as the alleged income escaping assessment was […]
The issue was whether rejection of books and enhancement of gross profit were justified due to alleged non-compliance. The Tribunal upheld partial relief, holding that GP estimation must be reasonable and supported by facts, not solely by procedural lapses.
Whether cash deposited during demonetisation could be taxed in the society’s hands. Ruling & Takeaway: The Tribunal held that once cash is admitted to belong to members, no addition under section 68 can be made in the society’s assessment.
Whether interest earned on fixed deposits by a credit co-operative society qualifies for deduction under section 80P(2)(a)(i). Ruling & Takeaway: The Tribunal held that interest from depositing surplus business funds in permitted banks is attributable to the credit business and eligible for deduction.
